EUR/JPY Price Analysis: Dips amid risk-off mood, as tweezers top suggest downside expected
- EUR/JPY falls over 0.30%, retreating from the week's high as risk aversion grips markets, highlighted by losses in US equities.
- Technical analysis reveals a 'tweezers-top' pattern, suggesting potential for further decline if the pair breaches the 163.07 support.
- A failure to break below 163.00 could lead to a rebound, with resistances at 164.00 and the year-to-date high of 164.31 as key targets for buyers.
EUR/JPY retreats from a weekly high hit earlier during the Asian session and drops more than 0.30% on Thursday amid a risk-off impulse, as witnessed by US equities printing losses, despite falling US Treasury bond yields.
From a technical standpoint, a ‘tweezers-top’ formed in the EUR/JPY daily, though further downside is needed below the November 15 swing low of 163.07 to sponsor a leg lower. If sellers push prices below that level, the next stop would be the Tenkan-Sen at 162.31, the Senkou Span A at 161.51, and the Kijun-Sen level at 160.64.
On the other hand, EUR/JPY sellers' failure to crack below 163.00 could open the door for further upside, with the first resistance seen at the 164.00 figure. A decisive break would expose the year-to-date (YTD) high at 164.31, followed by the 165.00 figure.
EUR/JPY Price Analysis – Daily Chart
EUR/JPY Technical Levels
Reprinted from FXStreet_id，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.